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Optimum spotřebitele a model ekonomické interpretace v mikroekonomii
[Consumer Optimum and Model of Economic Interpretation in Microeconomics]

Author

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  • Tomáš Langer

Abstract

Consumer choice theory uses continuous utility function, representing the consumer preference relation, as a traditional matter of course. However, there are alternative ways of defining consumer's optimum and proving its existence even without introducing such function. Contrasting both approaches raises question about aspects and limitations of economic interpretation of the mathematical form used in the theory. This article investigates economic interpretation in microeconomics as a relation of mathematical model and economic concepts and, using the example of consumer choice theory, formulates a model of economic interpretation based on the properties of analogical thinking, as defined by contemporary psychological literature. Model provides a framework for identifying risks coupled with economic interpretation of mathematical objects, their properties and relations.

Suggested Citation

  • Tomáš Langer, 2016. "Optimum spotřebitele a model ekonomické interpretace v mikroekonomii [Consumer Optimum and Model of Economic Interpretation in Microeconomics]," Politická ekonomie, Prague University of Economics and Business, vol. 2016(7), pages 789-803.
    • Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1095:p:789-803
    DOI: 10.18267/j.polek.1095
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    References listed on IDEAS

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    1. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, December.
    2. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    3. Renou, Ludovic & Schlag, Karl H., 2014. "Ordients: Optimization and comparative statics without utility functions," Journal of Economic Theory, Elsevier, vol. 154(C), pages 612-632.
    4. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    consumer's optimum; economic interpretation; ordient; analogy; relational thinking; mathematics;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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